Wynn Las Vegas to Begin Construction on Paradise Park

Look out, Disney and Universal. 

One year after revealing plans for a massive resort expansion at the Wynn Las Vegas highlighted by a lagoon on the Strip, Wynn Resorts' board of directors has given the green light to move forward on the $1.5 billion project known as Paradise Park.

According to CNBC, construction on the first phase of the park could begin as early as December. 

Paradise Park will be located on 130 acres adjacent to Wynn's five-star casino-hotel. The land is currently home to the Wynn Golf Club.

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The initial phase will include building the lagoon and 4,000-foot-long boardwalk, as well as developing new convention space and food services.

"We've got all these great ideas that are going into this lagoon and this beach front property," Wynn Resorts Chairman and CEO Steve Wynn said during a first quarter earnings call.

While the original plans called for a 38-acre lagoon, Wynn said the centerpiece would measure 20-odd acres on the call. He also said the company plans to "leave room for our new tower that could be a couple of thousand rooms."

The lagoon and beach amenities are expected to be completed by early 2019, according to the Las Vegas Review-Journal.

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Wynn aims to rival other theme parks in terms of attracting families to Sin City. The 260,000 square feet of meeting and event space will certainly appeal to convention-goers. However, Paradise Park's waterfront attractions can draw from an entirely different market.

"We have a chance to reinvent Las Vegas and make the whole venue an entertainment attraction...an idyllic beach paradise surrounded by white sand beaches," Wynn said in a statement last year.

"People come to Las Vegas from all over the world to live large and have a good time and we can dish up an irresistible entertainment attraction."

More details are expected to be revealed in the coming months. The company also plans to debut the 75,518-square-foot Wynn Plaza luxury retail complex later this year.

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